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A bad credit is not a very favorable thing to have on your records. A poor credit score can almost put a stamp that you are not creditworthy. Although there are many ways to get it up, it will take quite some time before you get your credit history back to track from the moment you realize how important a good credit history is for you. However, in the meanwhile you still need a credit card. You might fall short of cash every now and then and if you cannot borrow money it might be a bit of trouble.

Now you can get loans in spite of bad credit. These loans are more commonly referred to as payday loans. There are quite a few things about these loans. First of all there are many sites online where you can apply for these loans. Once you apply the companies check your credit history immediately and you generally get an immediate response about how long it will take for the loan to get processed. This process is also called instant approval, because you don't have to wait in anxiety about whether you would get the loan.

The sites put you across to many lenders who are ready to lend money to applicants with higher risk profile. It is difficult to find these lenders on your own, which is why the online companies are very important, although they don't charge you any extra fee for the processing of the loan. Since you have a bad credit history, the interest rates are usually high, however, you get principal almost immediately for your needs. All the lenders need is for you to have a bank account and a monthly income.

If you have a monthly income, you can get the payday loans which are usually lent for a short period of time around the fortnight. These loans help you take care of your immediate needs. Keeping that in mind, the turnover time is also very low, with the money coming into your account within couple of days. The payday loans or short term loans being available in a day's time period without a good credit history are really helpful and a win-win situation. These loans are unsecured too, which means you don't have to place any security with the lender. Therefore you are not at the risk of losing any assets, in case you fall behind the monthly payment.